Indonesian Commodity Futures Trading Authority Blocks 760 Unlicensed Domain Entities on the Internet

JAKARTADAILY.ID – Indonesian Ministry of Trade (Kemendag) through the Commodity Futures Trading Authority (CoFTRA) in collaboration with the Ministry of Communication and Information (Kemkominfo) has blocked 760 domain entities on the internet.

The hundreds of entities consist of 682 website domains, 48 ​​social media pages, 17 applications on Google Play, 12 applications on the Appstore, as well as one termination of activities in the Commodity Futures Trading sector that did not have a permit from CoFTRA during January 2022 to August 2022.

“Every party that conducts futures trading activities in Indonesia must have a permit from CoFTRA and be subject to and comply with the provisions of the laws and regulations in force in Indonesia. Even though they claim to have legality from overseas regulators, companies that make offers in the Futures Trading sector in Indonesia are still required to have a permit from CoFTRA," said Acting Head of CoFTRA, Didid Noordiatmoko in a written statement, Wednesday, September 21, 2022.

Also read: Indonesia Trade Balance Returns to Surplus, Exports Print Highest Record Driven by the Industrial Sector

Didid said that CoFTRA routinely conducts online monitoring and supervision of website domains and social media accounts that carry out promotions, advertisements, and offers in the field of PBK as well as applications for entities that carry out business activities in the field of PBK without having permission from CoFTRA.

“This supervision and observation and blocking is a preventive measure against potential losses to the community as a result of PBK activities without a CoFTRA permit. In addition, it is also to provide legal certainty for the community and business actors in the field of PBK," he said.

Also read: Indonesian Exported Footwear Strengthens Supply Chains and Labor-Intensive Industries

He added that customers who transact at futures brokers who do not have a business license from CoFTRA are very risky because CoFTRA cannot facilitate in the event of a dispute.

Get news on Indonesia today from JakartaDaily.id on Google News